S&P rates Interplex, notes BB-

S&P said it has assigned its BB- long-term issuer credit rating to Interplex Holdings Pte. Ltd. The outlook is stable.

At the same time, the agency assigned its BB- long-term issue rating and 3 recovery rating to the company's proposed issuance of senior unsecured notes of up to $300 million under its medium-term note program.

The recovery rating indicates an expectation of 62% (rounded estimate 60%) recovery in the event of default.

“The rating on Interplex reflects the company's small size in a fragmented industry, high leverage, and modest margins,” S&P said in a news release.

“The company's sticky customer base and resilient earnings temper these weaknesses.”

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